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Alberta To Maintain Energy-Only Wholesale Market
July 25,2019 The Government of Alberta, Canada announced that it will maintain an energy-only wholesale electric market, and will table the necessary legislation and amend regulations to stop the implementation of the capacity market as soon as possible. "[T]his decision comes after stakeholders – including industry and consumers – expressed overwhelming support for maintaining Alberta’s energy-only market, rather than creating a complex capacity market," the Government said Alberta has been operating an energy-only market for electricity since 1996. In 2016, the previous government announced the province would transition to a capacity market, which would have been operational in 2021. "The former government’s ideological meddling with our electricity system resulted in the return of the Power Purchase Arrangements (PPAs), costing consumers $2 billion. The response from industry to maintain an energy-only market was overwhelming, and this is yet another example of promise made, promise kept," said Sonya Savage, Minister of Energy The Government said that the energy-only market: • Has a proven track record for providing affordable electricity in Alberta. • Has a proven track record for providing a reliable supply of electricity in Alberta. TransAlta Corporation said in response to the announcement that the company has undertaken a review of its future investment decisions on coal-to-gas conversions and repowering through hybrid investments, as well as the impacts on our hydro and wind assets, under an energy-only market. "This review has confirmed that our strategy to convert the coal fleet to natural gas remains unchanged. The Company will provide more details of its strategy at its investor day to be held on September 16, 2019," the company said "The energy-only market has been in place in Alberta since 2000. The structure provides stability and ensures a competitive framework to be able to assess investment opportunities in Alberta. TransAlta is now in a position to make key investment decisions as it transitions to gas and continues to provide affordable and clean power for Alberta consumers for decades to come. The $750 million in capital raised earlier in 2019 can now be put to work in Alberta for the benefit of investors and customers," TransAlta said
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